TITLE
Recommendation to receive a report on incentives to encourage small business recruitment, retention and growth and approve the recommended Incentives for Small Businesses Program; and
Request City Attorney to prepare any necessary documentation to implement the Program. (Citywide)
DISCUSSION
At its December 19, 2014 meeting, the Economic Development and Finance Committee received a report from City staff on a program to implement four specific small business incentives intended to encourage small business recruitment, retention and growth. The Committee forwarded that information to the City Council, with a recommendation that the City Council direct the City Manager to fully develop the options presented and report back to the City Council. The following information is provided in response to that direction, along with a recommendation to request the City Attorney to prepare any necessary documentation to implement the program, should the Council choose to implement the program.
Long Beach is an excellent city to start, expand or relocate a business and have that business succeed. To help further encourage small businesses to start, expand, or relocate in Long Beach, a number of new incentives have been developed for the consideration of the City Council. The incentives are intended to benefit small businesses in Long Beach, those with ten or fewer employees, and reduce start-up and expansion costs. The program is proposed as a pilot, to be reviewed prior to the start of the FY16 and FY17 budget cycles, to determine whether the program should be continued, modified, or whether it will be allowed to sunset at the beginning of FY17. There are four distinct incentives as follows:
Ø Incentive to relocate to or expand a small business into Long Beach
Qualification
A small business relocates from outside of Long Beach or adds an additional location in Long Beach.
Incentive Amount
An incentive amount equal to the amount of first year’s business license t...
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